Apart from being responsible for an accurate financial reporting system within an institution, there are controller job responsibilities that include overseeing accounting and financial reporting as well as implementing organizational plans for the future. This position is particularly useful in businesses where integrity, timeliness and compliance in financial reporting, control, and budgeting are optimal. Below is a thorough controller job description including the expected salary, duties to be performed, educational requirements and positions that the job brings up frequently.
Controller Job Description
As a financial controller, a controller’s job is to oversee the accounting functions within the organization. He coordinates with other departments, such as the system administrators for auditing purpose to manage and report the accounting team’s outputs. They interact with executives including C-level executives in charge of budgeting, projections and planning financial performance. It is acknowledged that controllers possess knowledge of and skills in the areas of finance and accounting, thus not only are they managing the department but also holding the bottom line for the financial health of the business and its regulatory compliance.
As it is common for other companies, some of the controller functions include conducting and overseeing financial audits, designing and implementing internal control systems, and enhancing financial operations. Their merger and expertise allows accurate record keeping, forecasting and in some instances, financial reporting for strategy determination for the business.
Resume Description for This Job
If you are applying for this job of a controller, ensure that you showcase your accounting skills, management capabilities, and experience in the department of finance. And here’s a sample of bulleted resume description for a controller:
“To strengthen the internal controls. Computer programs implemented successfully. Reliable accounting, financial reporting, and financial management without ever compromising efficiency and accuracy. Executive level financial planning including budgeting, forecasting, internal controls and risk assessment, ownership, and process improvement.”
Feel free to adjust details to better match your experience!
Salary
The range of salary for the position of controller in the US is quite large. This might be attributed to experience, position and size of the company or industry. Below are the outlines of standard salary range:
- Entry Level Controller Salaries: From 80,000 to 100,000 US dollars a year
- Mid-level control (Includes person with 5 to 10 years of experiences): One hundred thousand US dollars to one hundred thirty thousand US dollars per annum
- Senior Controllers (Includes people with over 10 years of experience or big companies): Over one hundred thirty thousand US dollars and up to one hundred eighty thousand dollars and above
People residing in Los Angeles, Boston or Washington are known to earn substantially more compared to people residing in others regions.
Responsibilities
All controllers have more than just one function that is financial in nature, and objectives that support the organization. Key responsibilities include:
- Financial Reporting: These are how tails and fish have their there, such records as profit and loss account, balance sheet and cash flow statement, and others, for preparing accounts.
- Budgeting and Forecasting: Establishing budgets, managing budgetary control systems, analyzing budgets, estimating and predicting both sales and profits from new business expansion to help strategic directions.
- Internal Controls: Forming measures to control risk, for example wrongful taking assets and other financial related laws.
- Supervision of Accounting Team: Appoint direct head of accounting team and manage the day to day business activities such as accounts payable and receivable, payroll accounting, general ledger maintenance, and amendments.
- Audit Preparation: Conduct internal or external audits on already set procedures for recordkeeping and file all account records that are up to the required standards.
- Financial Analysis: Hence studying expenditures; dividends and returns; profits and losses to have the data that is forefront on decision making or controlling the needed areas.
- Tax Compliance: Making sure accurate tax returns are filled for each of the tax contributions in the U.S and recurrent updating of the tax acts and their provisions.
Qualifications
As for a controller, the positions brings on board a set of educational, skill and managerial experience which is vital in the success of a controller. The primary credentials include the following:
- Education: The minimum requirement is at least a bachelor’s degree in accounting, finance, or any other related field. Some controllers’ educational background also includes a business or finance master’s degree.
- Certification: CPA or CMA certification are some of the preferred qualifications whenever such vacancies arise. It is not uncommon for such accreditation to be a requirement.
- Experience: The majority of controllers, around 70% reportedly have 5-10 years of work experience in either accounting or finance positions. Management experience is a huge asset.
- Technical Skills: Accounting software skills are essential. QuickBooks, SAP, Oracle etc., and other accounting ERP applications and advanced excel modeling skills can also propel one into being a great controller.
- Analytical Skills: People working in these positions are required to have advanced analytical skills of complex financial data, who should also be able to provide support for various business decision within an organization.
- Leadership: Has exceptional interpersonal and management skills which are key to any accounting group, teams or functions and to cooperate with other departments.
FAQs
Q1: What’s the difference between a controller and a CFO?
Although both have a financial aspect, ‘A Controller is to a CFO as Pencil is to Paint – Focused Tasks vs. Broader Vision’. The majority of the primary tasks for controllers are in the domains of accounting, reporting, and internal controls. For the CEO includes a range of areas which encompasses departments within the organization including strategies, investments and capital structure.
Q2: Do most controllers have the option to work from home?
Definitely, remote controllers form the bulk of companies with advanced technologies. Sometimes however, due to the nature of audit work for example, on site work can be unavoidable.
Q3: What do controllers do after making normal career advancement?
However, astute Financial strategists with good leadership traits can rise to such senior position of VP of Finance, CFO, Director of Finance, and the like.
Q4: Are controllers allowed to hold the title CPA?
Not necessarily a requirement in some instances, having one nonetheless provides an edge to the candidate as the credentials help increase competitiveness in the job market.
Conclusion
In closing, controllers manage a company’s accounting, compliance as well as formulate and implement strategies within their scope, all of which are crucial to its overall efficiency. Understanding the fine details of key business financials and the impact the financial and business decisions have on each other, they are well positioned to facilitate the sustainable growth of the business. This role prepares one not only for more challenging tasks but for top management level to include positions such as CFO.